OSL Daily Update - May 15, 2020
$BTC 24 Hour High $9,793.27
$BTC 24 Hour Low $9,255.03
$BTC enters its third day post-halvening on a continued tear - testing 9,900 before correcting back to its range bound 9,600-9,800 sweetspot. Traded volumes were up 14% with 126K $BTC exchanging hands over a 24 hour period. The current price near 9,750 is trading on the upper Bollinger bands for the third consecutive day with overbought levels.
Across the digital asset landscape:
- Overall market cap growth supporting the $BTC move up 4% to 261B (251B->261B)
- $BTC dominance increased another 0.3% to 67.7% overnight
- The only token to outperform $BTC was $IOTA, as it jumped +7.95% to 0.20 levels after unveiling their proof of concept for their Sensor Tangle Gateway (STG) to integrate hardware and software data to be stored on their native Tangle as opposed to traditional cloud databasing services.
- $ETH stayed above 200 with a modest +2% uptick, but $BTC’s sustained bull run continues to push ETHBTC down for a fourth day to 0.0207 after peaking at 0.023 on the halvening day, down -10% in the past four days.
News that caught our eye:
- With hopes of promoting employment, China officially recognises blockchain engineers as an occupation.
- VISA applies for a “digital fiat currency” patent that proposes to issue tokens created on a centralized computer, as opposed to decentralised.
In what looked like a second day of bearish momentum, equity market heavyweights rejected the possibility of a V-shaped recovery yesterday. US-China tensions continue to escalate after the US accuses China of exploiting the COVID-19 pandemic to gain “military and economic advantages”. Traditional markets saw their biggest intraday swing in two months as S&P opened -3% to close up +1.1%. Non-essential businesses to begin opening up today (May 15th) in low-risk areas in the US.
- DOW up 1.6% (+377pts) to 23,625
- S&P up1.15% (+32pts) to 2,852
- NASDAQ up 1% (+94pts) to 9,094
May the trend be your friends!
OSL Trader View and Weekend Digest are contributed by Stefan Chu, SJ Oh, and Santiago Nazaretti
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